Posts Tagged: ‘Chapter 13’

How long does bankruptcy stay on my credit report?

January 15, 2018 Posted by kingcade

A common question you might have after filing for bankruptcy is how long will it remain on my credit report?  When you file for bankruptcy, it is considered “public record” and is maintained by the court where the case was filed.

Under the federal Fair Credit Reporting Act, bankruptcies can be reported for 10 years from the filing date.  The three major credit reporting agencies will remove Chapter 13 bankruptcies seven years from the date the case was filed.  This type of bankruptcy involves paying some or all of the debt back over time.

Chapter 7 is a more straightforward bankruptcy and eliminates almost all unsecured debts, including credit card debt and medical bills allowing consumers to gain a fresh start financially. Chapter 7 bankruptcy can remain on a consumer’s credit report for up to 10 years.

However, there are ways to speed up the removal process.  Removing a bankruptcy requires filing a separate dispute with each of the three major credit bureaus. This dispute can either be over inaccurate information in your credit report or an inquiry to the credit bureau about how your bankruptcy was verified.  This process is lengthy, but it can be worth it.

While you are waiting for your bankruptcy to be removed from your credit report, make an effort to rebuild and improve your credit.  It is a bankruptcy myth that you cannot rebuild your credit after filing for bankruptcy.  Make sure you have accurate and positive credit information moving forward.

If you have any questions on this topic or are in a financial crisis and considering filing for bankruptcy, contact an experienced Miami bankruptcy attorney who can advise you of all of your options. As an experienced CPA as well as a proven bankruptcy lawyer, Timothy Kingcade knows how to help clients take full advantage of the bankruptcy laws to protect their assets and get successful results. Since 1996 Kingcade Garcia McMaken has been helping people from all walks of life build a better tomorrow. Our attorneys’ help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. The day you hire our firm, we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade & Garcia website at www.miamibankruptcy.com.

Related Resources:

http://blog.credit.com/2013/04/when-can-i-get-a-bankruptcy-off-my-credit-report-65750/

Debtor Beware: Bankruptcy Fraud has Steep Consequences

January 7, 2014 Posted by kingcade

Darren David Chacker, 41, of Beverly Hills, California and Las Vegas, Nevada learned the hard way after lying under oath during his bankruptcy hearing. According to evidence, Chaker filed for Chapter 13 bankruptcy on March 6, 2007. During his bankruptcy hearing that same month, while he was under oath, Chaker falsely and fraudulently represented to the court that his property was never leased out prior to January 2007, when in fact he had previously contracted with a realtor who secured at least two rental contracts with Chaker personally. In addition, he failed to disclose income and the existence of past and present residential leases of a property facing foreclosure in Houston to his creditor, Saxon Mortgage in the hearing and to the court.

Chaker was found guilty on April 4, 2013, after a five-day bench trial. U.S. District Judge Nancy Atlas sentenced him to a term of 15 months in prison to be immediately followed by a three year term of supervised release. He has also been ordered to pay a $2,000 fine. The sentencing also included special conditions that he not stalk or harass anyone and obtain mental health and anger management counseling.

It is imperative that the debtor be 100 percent truthful and forthright in all aspects of the bankruptcy process. The bankruptcy system is based on an honor system, which must be followed in order for all parties to benefit. The debtor must provide all of the necessary information requested by the trustee and be in compliance with the court’s orders to obtain the debt relief desired. We have created a website to help you better understand Florida bankruptcy laws and answer all of your questions relating to bankruptcy! Visit www.timothykingcade.net.

Click here to read more on this story.

If you are in a financial crisis and are considering filing bankruptcy, contact an experienced Miami bankruptcy attorney who can advise you of all of your options. As an experienced CPA as well as a proven bankruptcy lawyer, Timothy Kingcade knows how to help clients take full advantage of the bankruptcy laws to protect their assets and get successful results. Since 1996 Kingcade & Garcia, P.A. has been helping people from all walks of life build a better tomorrow. Our attorneys’ help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. The day you hire our firm, we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade & Garcia website at www.miamibankruptcy.com.

Houston Man Convicted of Internet and Bankruptcy Fraud Sentenced to 15 years in Federal Prison

January 23, 2012 Posted by kingcade

A 64 year old Houston man, James Maceo Ramey, was recently sentenced to 15 years in federal prison for 25 counts of fraudulent activity. Ramey was charged with bankruptcy fraud after an investigation proved he had filed 15 different bankruptcy cases in less than five years, all in different jurisdictions. Under Chapter 7 and Chapter 13 bankruptcy laws, an individual is prohibited from filing bankruptcy more than one time in an eight-year period, regardless of the jurisdictions.

During the period of Ramey’s bankruptcy scandal, he was conducting an Internet gold scheme as well. Ramey launched a website under a fake business name, “Manhattan Gold, Inc.” The website solicited the selling of numerous gold items, most in the form of coins, all of which, Ramey had no possession of or intent to actually distribute to consumers. During the gold scandal Ramey profited some $400,000, all of which he did not claim in any of the bankruptcy cases he filed.

After five days of deliberation, Ramey was convicted on all 25 counts. Eight of those counts were mail fraud, due to the Internet gold scheme. The other 17 counts were due to false oaths and declarations, concealment of assets, and conspiracy to commit bankruptcy fraud.

To read more on this story visit: http://7thspace.com/headlines/403574/internet_gold_scam_lands_houston_man_15_years_in_federal_prison.html

If you are in a financial crisis and are considering filing bankruptcy, contact an experienced attorney who can advise you of all of your options. Since 1996 Kingcade & Garcia, P.A. has been helping people from all walks of life build a better tomorrow. Our attorneys’ help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. The day you hire our firm, we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade & Garcia, P.A. website at www.miamibankruptcy.com.

What Debt is Dischargeable through Bankruptcy?

June 27, 2011 Posted by kingcade

Bankruptcy laws specify that only particular types of debts can be discharged through bankruptcy. Chapter 7 and Chapter 13 bankruptcy allow borrowers to eliminate their unsecured debts. Unsecured debts include items such as credit card debt, medical bills, utility bills, service bills, personal loans, payday loans and judgments. Secured debts which are backed by some form of collateral, like a house, and debts incurred through fraudulent activity, student loans, tax debts, child support and alimony are typically not dischargeable in bankruptcy.

When you hire Kingcade & Garcia, P.A. our attorneys will provide a complete evaluation and give you an honest and accurate assessment of your financial circumstances. We help clients analyze their finances and determine the best path to debt relief. This past year our firm handled more than 1,500 bankruptcy cases, bringing debt relief to individuals, families and business owners throughout South Florida. If you are struggling with insurmountable debt do not wait any longer, set up your FREE office consultation today by calling (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia, P.A. website at www.miamibankruptcy.com.

Kingcade & Garcia, P.A. Helps Small Businesses take the right action when filing for Bankruptcy

May 26, 2011 Posted by kingcade

Many business owners assume that when financial challenges strike their business the only option is to file under business bankruptcy protections such as Chapter 11 – a process that can be highly complex and exceedingly costly. In reality, small businesses have a range of options, including filing under Chapter 7, which can provide a broader range of benefits and protections for individuals.

Chapter 7 can be a powerful tool for business owners who wish to:

• Put an immediate end to creditor harassment
• Eliminate credit card debts
• Stop creditor judgment proceedings
• Stop wage garnishment and repossession

Whether you run a retail business, restaurant or a web-based business from your home, in many cases you can handle your issues through traditional consumer bankruptcy protections. Many of our clients are professionals who provide services, such as accountants, architects, lawyers, real estate brokers, electricians and plumbers. With no hard assets, it can be difficult to keep a business running as lines of credit, loans and other forms of debt begin to accumulate. Our goal is get you back to selling services and not paying overhead costs. While you may be hesitant to file bankruptcy with an SBA loan, don’t be.

Before you are up-sold into an expensive and time-consuming Chapter 11 bankruptcy, make sure that there isn’t an easier and smarter way to resolve your problems. If you are a small business owner, there may be a real opportunity to pursue your debt relief through the Chapter 7 process.

Contact Kingcade & Garcia, P.A. at 305-285-9100 to arrange a free consultation if you have any questions on this topic or are in need of filing a Chapter 7 bankruptcy for your business. It is extremely important that you hire an attorney who is experienced in the field of bankruptcy and focuses exclusively on representing the interests of individuals and their businesses in bankruptcy matters. The day you hire our firm, we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade & Garcia, P.A. website at www.miamibankruptcy.com.